The Supreme Court formulated a commission for assisting it in a loan write-off case on Thursday to investigate into the loans waiver over the past 40 years and also point out the responsible bankers in this regard.

During the hearing, SBP had agreed to issue a circular formalising the scope of the commission from 1971-2010 and suggesting ways and means to scrutinise cases of borrowers who had taken loans but later managed to remitted them.

SC bench under the chair of Chief Justice Iftikhar Muhammad Chaudhary heard the loans waved off case.

“We want to see the SBP enhance its advisory jurisdiction,” remarked Chief Justice Iftikhar Chaudhry, with other members of the commission including Justice Muhammad Sair Ali and Justice Ghulam Rabbani.

Headed by former Supreme Court judge Syed Jamshed Ali, the commission formed under the Banking Companies Ordinance 1962, to scrutinize the written off loans since 1971 till 2010.

The commission will also suggest measures to safeguard the amount of loans against random concessions extended for political or other considerations.

The court was adjourned till 3^rd June